Region posts April jump of 25 percent in existing home sales

Existing home sales in the Indianapolis area continued an upward trend, rising 25 percent in April.

Statewide sales rose 28 percent in April compared with last year, said the Indiana Association of Realtors, which released the sale numbers Monday. Median prices saw an increase of 13.7 percent.

This is the seventh consecutive month that there has been an increase in median prices over the previous year.

“April showed continuation of an expected spring surge due to the federal tax credit,” said Karl Berron, chief executive officer, in a statement. “While the increase in sales is positive, the best news is that inventory is trending down and there seems to be a broad stabilization in home prices, demonstrating that the tax credit did its job to preserve housing wealth.”

In the eight-county metro area, 2,140 homes were sold in April, compared with 1,711 in the same month last year.

Sales rose 24 percent in Marion County, to 1,063, but the biggest percentage gain was 50 percent in Hamilton County, to 475.

Boone (40 percent), Hancock (27.6 percent), Shelby (12.5 percent) Johnson (7.9 percent) and Hendricks (7.5) also reported gains.

The only metro-area county that didn’t see an increase last month was Morgan, which was flat.

Source: Indianapolis Star